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Are family contributions part of "gross income" under 704.730(a)(3)(C)?
Unfortunately, there is very little case law out there. I looked at the issue about a year ago. The concept of income varies from decision to decision. Next week, I will send you the few reported cases that I found.
Eric
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, CA 90503
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> On Jul 14, 2017, at 5:36 PM, ccooper@publiccounsel.org [cdcbaa] wrote:
>
> Trying to figure out if a PC qualifies for the $175K homestead exemption under 704.730(a)(3)(C) available to "a person 55 years of age or older with a gross annual income of not more than twenty-five thousand dollars ($25,000)." She needs the $175K exemption to protect her equity in a potential C7.
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> She's over 55 (but still many years from 65), and earns less than $25K per year. However, she gets family contributions to help pay the mortgage. Do the family contributions count as "gross income"? If so, that puts her over the $25K limit.
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> I've looked at several cases (including In re Shelley), and can't find a good answer. Most of the cases I've seen focus on whether business expenses can be deducted in calculating gross income, but don't discuss whether contributions to expenses are counted as income.
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> Any insight appreciated!
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> Christian
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